Most likely needing a complete overhaul I'm guessing including lens and all rubber pieces would be a very safe assumption, correct?

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Definitely new lenses. The t-shox might be okay but otherwise yes, new rubbers. However, the frame looks good and it can be restored with custom cuts and LG rubbers for under $150, maybe just over for polarized cuts. An OEM rubber kit will be harder to find and more expensive but it can be done, though LG are suitable replacements IMO.

That's assuming the screwheads aren't stripped. Since the trashed lenses are original that's a safe assumption... Just might be a little corroded but nothing a good Wiha couldn't handle.